CNN
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Fortune 500 companies, booming crypto firms and individual billionaires are rushing to contribute to Donald Trump’s upcoming inauguration — pledging seven-figure donations each for next month’s festivities as they strive to ingratiate themselves with the new administration.
In exchange, major donors can attend a candlelight dinner with the president-elect and his wife, Melania, spend face-to-face time with members of the new cabinet at a private reception, get VIP tickets to a “Starlight Ball” and receive other exclusive benefits during three days of celebrations, according to a file sent to contributors ready to make a donation or raise large sums.
Several companies and individuals have revealed plans to donate $1 million, including the online retail giant. AmazonFord Motor Company and hedge fund billionaire Ken Griffin. Some gave even more: Cryptocurrency company Ripple contributed $5 million in its digital currency, XRP, to the inauguration, according to a company official.
While the swearing-in on the west side of the U.S. Capitol is a taxpayer-funded ceremony overseen by the Joint Congressional Committee on Inaugural Ceremoniesother spectacular events surrounding the swearing-in of a new president are privately financed and provide an opportunity for those with interests before the government to build goodwill with a new administration. The identities of donors who contributed $200 or more will be made public 90 days after the event when the nonprofit committee raising funds for the inauguration files a report with the Federal Election Commission.
“Money is a way to build relationships in Washington,” said Michael Beckel, research director of Issue One, a bipartisan political reform group. “Everyone runs to make friends. The new president has a lot of power, and being able to step up to the plate by making a significant contribution to his inaugural committee is a way for megadonors and corporate interests to curry favor with the administration.”
There is no legal limits on the amount of donations that an inaugural committee can receive.
Some companies have made it clear they are hoping for major policy changes in the new Trump administration.
The crypto industry, for example, is seeking a regulatory framework that it hopes will firmly establish it as part of the traditional financial system. He has already scored victories with Trump’s choice of cryptocurrency advocate Paul Atkins. as chairman of the Securities and Exchange Commission and venture capitalist David Sacks to fill a newly created role as artificial intelligence and crypto czar in the White House.
Coinbase, a cryptocurrency exchange that was part of a major industry campaign this year to elect pro-cryptocurrency politicians from both parties to Congress, has donated $1 million dollars. The contribution is part of a long-planned commitment to help fund the event, company officials said.
“Coinbase is committed to working with the administration and both sides of Congress to create clear regulations for crypto, and it is important to commit early in order to hit the ground running,” said Kara Calvert, Vice President of Coinbase for American politics. in a statement. “That’s why Coinbase is committed to supporting President Trump’s transition and ultimately his inauguration well before the election.”
“We look forward to working with the most pro-crypto administration in U.S. history as we build the future of crypto in America,” she added.
Meanwhile, Robinhood — an online stock trading platform that also trades crypto assets — is donating $2 million to the Trump Vance Inaugural Committee, Inc., as the nonprofit is called.
The company “is pleased to welcome a new era of American innovation and common-sense regulation that promotes free markets, investor access and consumer choice,” said Mary Elizabeth Taylor, vice president of World Government. and external affairs of the company.
Trump’s committee has not released a budget, but the committee that oversaw his first inauguration in 2017 raised a then-record amount, nearly $107 million. (His activities that year also sparked an investigation into his finances by the Washington, D.C. attorney general. This resulted in a $750,000 fine. regulation paid by the Trump Organization and the inaugural committee due to allegations that the committee overpaid for event space in the downtown Washington hotel then owned by the Trump Company. The Trump entities have denied any wrongdoing and described the settlement as necessary to avoid a costly lawsuit.)
A spokesperson for Trump’s inaugural committee did not respond to questions about the committee’s fundraising goals.
President Joe Biden’s committee raised nearly $62 million, but his January 2021 celebrations were significantly scaled back compared to previous inaugurations as the country grappled with the Covid-19 pandemic. President Barack Obama, Biden’s predecessor, raised $53 million for his first inauguration in 2009 and just over $43 million for his second.
Trump’s first inaugural committee attracted 18 donations from businesses and other organizations of $1 million or more, according to a tally by Open Secretswho follows the money in politics.
The largest individual donor, meanwhile, was casino mogul Sheldon Adelson, with $5 million, OpenSecrets found. His widow, Dr. Miriam Adelson, is among the financial co-chairs of this year’s event, according to an initial donor filing obtained by CNN. A spokesperson for Adelson did not respond to an inquiry this week about his financial commitment to the inauguration.
But during the 2024 campaign, Adelson, an ardent Trump supporter, donated $100 million to a pro-Trump super PAC she organized, according to federal records.
It’s not uncommon for businesses to help fund the parties and parades associated with inaugurations — which many view as a civic responsibility to celebrate the order. transfer of presidential power. However, four years ago, after Trump supporters stormed the U.S. Capitol in an unsuccessful attempt to thwart the certification of Biden’s victory, some corporations and major Republican Party donors publicly retreated to donate to anyone associated with efforts to overturn Biden’s victory.
This year’s race to finance Trump’s inauguration underscores how much the country’s political climate has changed. And this reflects the considerable consequences that some Big U.S. businesses could face if Trump follows through on promises to roll back programs advanced by the Biden administration or upend U.S. trade policy.
Ford and General Motors – both of which contributed to Trump’s first inauguration – confirmed this week that each planned to donate $1 million to his inaugural committee this time, as well as provide vehicles to support the events.
That’s a substantial increase from 2017, when Ford and GM contributed $250,000 and nearly $500,000, respectively, to support Trump’s first inauguration.
The auto industry could face serious challenges if, for example, Trump were to follow through on his promise to impose tough tariffs on goods imported from abroad. Automakers rely on suppliers around the world for parts and materials.
Likewise, a tax credit of up to $7,500 that consumers receiving the purchase of an electric vehicle assembled in North America could be jeopardized under the Trump presidency. He criticized the program as wasteful, even though Congress — which will be entirely controlled by Trump’s Republican colleagues next year — should act to eliminate it.
Other businesses that traditionally support inaugural events say they are considering giving back again. Spokespeople for AT&T and Bank of America told CNN they are contributing to Trump’s committee, but have not yet disclosed the amount of those donations.
As CNN previously reported, the president-elect saw a parade of CEOs descend on his Florida resort, Mar-a-Lago, to courted him since his victory – prompting Trump himself to recently note on social media that “EVERYONE WANTS TO BE MY FRIEND!!! »
Those who write big checks to the inaugural committee will have even more opportunities next month to mingle with the new president and top officials in his administration, according to the package encouraging contributions.
Donors who give $250,000 — or raise $500,000 — are promised two tickets to a series of events, including a Make America Great Again victory rally on Jan. 18, a candlelight dinner attended by Trump and the news first lady on January 19, and the swearing-in. in ceremony, parade and black tie ball on January 20.
Those who donate $1 million – or raise $2 million – receive six tickets to featured events plus a perk reserved for those who contribute at the next level: two seats to an “intimate dinner” with the vice president-elect JD Vance and his wife Usha. Vance.
“This guarantees wealthy donors a level of access that most Americans can only dream of,” Beckel said. “Even if you are the strongest supporter of a presidential candidate, the odds are not in your favor of being able to rub shoulders with a president or a high-ranking official.”
CNN’s Sara Murray contributed to this report.